Gemini, the bitcoin exchange, plans to launch an international-market crypto-derivatives platform. The Information reports this, citing sources.
According to the publication, the company will register a new service outside the United States. It will give clients access to perpetual futures, which are prohibited in the United States because they are considered high-risk assets.
In June 2022 the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Gemini. The documents alleged that the platform misled regulators about Bitcoin futures contracts.
On March 27, 2023 the CFTC filed a civil suit against Binance and its CEO Changpeng Zhao. The company was accused of unregistered derivatives trading and failing to comply with anti-money-laundering rules.
In January the U.S. Securities and Exchange Commission (SEC) also accused Gemini of unlicensed securities trading through the Earn service. Earlier, the exchange halted payments under the program amid financial problems of its main partner — the OTC platform Genesis Global Capital.
The Gemini co-founder Tyler Winklevoss described the SEC’s charges as “super-unconvincing” and “a fabricated penalty ticket.”
Earlier in March 2023, reporters learned of Coinbase’s plans to expand internationally amid tightened regulation in the United States.